The dax threw a head fake yesterday in a very choppy session. It broke the lower trend line briefly (just a spike on the hourly) and then reversed strongly to take out the upper TL (red one in the chart) in just 2 hours. That was again reversed - see the 2 head-fakes pointed out with the red arrows.
Now it seems only time is working for the bulls which finally managed to get past that red TL. So the red TL is broken, but with all the lower highs, now there is a another one coming up - the purple TL I added. Let's see if that also proves difficult to surpass. If we head higher, then I believe there is a chance we see the upper blue one.
I think we're going to see a lot of sideways movement/fakeouts up until Thursday. The markets seem to be waiting on the Fed to move them, only time will tell.
alx13
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I agree. This 4th wave looks set to take it's time. One scenario might be for the FED meeting to generate a final spike up, before this 4th finally peaks.